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  • Property-a-holics

    Advice and support for expat landlords

    Any experience of what lenders do when existing mortgagors move overseas to retire? My inclination, when the time comes that I can, is to remain UK resident and effectively take long holidays abroad, but maybe I am wrong.
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    Hi Jerry,

    I think it might be dependent on whether you have a U.K. correspondence address, but I will ask professionals to comment.

    I also thought it worth adding to this thread that expats can also access bridging finance.

    Complex case study of expat using bridging
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    Having recently been to retrieve a friend from Gozo, a small island in the Maltese islands, who had a severe stroke a few years ago, no money and no UK home, I would always retain some kind of unmortgaged accommodation in the UK, even if it is just a studio flat. Because he had nowhere in the UK to come home to, the UK social and medical services had effectively washed their hands of him and he was living in the geriatric long-term care unit of the state hospital of Gozo among local people, many with dementia and few who spoke English.

    It took literally years of lobbying the local council where he had previously lived to persuade them to take responsibility for him once we had returned him to the UK.

    Moral of tale: don't burn the bridges unless you are VERY sure.
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    Thanks for the useful information.

    Technically, we are overseas non-resident landlords. We reside in Singapore and have several properties in the UK.

    In recent times, many people from Asia, including Singapore, Malaysia, Hong Kong, China have bought into the UK market.
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    John (Singapore)
    Londonproperty123.blogspot.com

    Good news!

    ​Vida Homeloans has launched a new expat buy-to-let mortgage range aimed at existing UK property owners living overseas who wish to invest in the UK’s private rented sector, with borrowing rates start from 3.89% for a two-year tracker and 3.99% for a two-year fixed rate deal.

    According to the lending criteria for the new mortgage range, which has been designed in partnership with buy-to-let brokers and networks working in this specialist sector, expats can borrow up to £1m at a maximum loan-to-value of 75%, with no minimum income requirement or employment restrictions, which means that pensioners can also apply for a loan.

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    3mc has launched a new buy-to-let mortgage deal designed for use by British expats, which is funded by Aldermore Bank.

    Borrowing rates start from 4.18% up to 75% loan-to-value (LTV) for those looking to purchase or remortgage, with no personal income requirements except for first-time landlords.

    Lending is available to individual residential investment units, HMOs up to six bedrooms and multi-units of up to four units on a single freehold title.

    Full/source story

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    Cambridge Building Society has introduced a range of buy-to-let expat mortgages available on up to 75 per cent LTV.

    The range includes both purchase and remortgage products.

    The products comprise a five-year fix at 3.49 per cent and a two-year fix at 2.89 per cent, with the latter having no repayment charge.

    For the five-year product, applicants will be assessed using a stress rate of 4.99 per cent, with rental coverage of 140 per cent, which drops to 125 per cent on like for like remortgages.

    Early repayment for this product starts at 5 per cent in the first year of the fixed term, declining to 1 per cent by the final year.

    Both products have an applicant fee of £499 and a completion fee of £1,500.

    According to the building society, the products can be combined with other criteria from the lender’s BTL range, including a maximum loan amount of £750,000.

    Full/source article

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    Mansfield Building Society has announced that it has launched a new buy-to-let mortgage product with no completion fee, exclusively for expat borrowers.

    The two-year discounted rate product is offered to 70% LTV at a current rate of 3.69% (2.06% below SVR). The new product is in addition to The Mansfield’s other two-year discounted Expat buy-to-let product, which is a currently at 2.95% with a 1.25% completion fee.

    Both Expat buy-to-let mortgage products come with a £199 application fee on loans between £100k and £500k. Rental income must meet The Mansfield’s standard Interest Coverage Ratio of 125% at 5% or 2% above pay rate, whichever is higher.

    Prospective borrowers must have a minimum income of £40k (or equivalent) and be both a current UK national and a previous UK owner-occupier, residing in a Financial Action Taskforce (FATF) member country for less than five years. Residents of both Australia and China are currently ineligible, however member states of the Gulf Corporation Council, and Hong Kong residents are acceptable.

    The Society’s new Expat buy-to-let product is part of its wider specialist buy-to-let proposition which includes Business, Holiday, Consumer and Regulated ‘Family’ buy-to-let products.

    Full/source article

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    Skipton International has today [18 February] announced that it will be extending its UK buy- to-let mortgage proposition to include applications from non-UK nationals resident overseas. Previously the offshore lender only offered UK buy-to-let mortgages to British expatriates.

    This news follows the decision to considerably expand Skipton International’s investment property lending criteria over the last year. Skipton International increased the areas in which it will offer borrowing, to now include Scottish property and can offer lending on studio apartments with a purchase price of £250,000 or higher.

    Roger Hughes, Business Development Manager, said:

    ​“This is tremendous news for Skipton International. We have been continually refining our UK buy-to-let offering and will continue to search out ways in which we can make our products more readily available and inclusive. This development considerably widens the pool of clients to whom we can now offer lending and makes us one of the most competitive players in the UK buy-to-let market for overseas residents as there are only a few lenders that can offer UK buy-to-let mortgages to non-UK nationals. Growing our expat mortgage business will continue to remain a strong focus for Skipton International.”

    Applications will continue to be restricted to clients residing in Skipton Internationals’ approved list of countries. To qualify, prospective clients will need to have a UK bank account in place to service the mortgage repayments and collect rental income.

    For more information on how much you may be able to borrow, visit https://www.skiptoninternational.com/expa...calculator.

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